May 15th, 2012

Bad Tax Strikes Again…

Ok, no one particularly likes paying tax but, as a tax advisor, it’s bad tax legislation that really makes me mad. The most recent example has been the changes to child benefit payments – so that a family with an earner over £50k starts to have their child allowance clawed back.

The ICAEW this week highlighted 12 key problems with the proposals as they stand. Highlights include:-

Unfairness – as two families with the same household income could be taxed very differently
Complex – as many as 500,000 new people would have to complete tax returns
Confidentiality – to complete your return properly you need to know your partner’s income. What if they won’t tell you?

There’s even a question mark over whether the method is even legal under European law.

The draft legislation as it stands needs to be stopped until these problems are sorted out.

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John manages a wide portfolio of owner managed businesses and oversees the smooth operation of the firm’s payroll department.

After obtaining his degree in mathematics from the University of Liverpool, John joined Jonathan Ford & Co in 2004 and qualified as a chartered accountant four years later. John likes to keep abreast of developments in tax and accounting and is responsible for the mentoring of junior staff.

Outside of work, John enjoys keeping fit and is a Liverpool FC season ticket holder.

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